Market Equilibrium

Solve for x: x - 6 = -2x + 3

Solve for t: 12 + t = 30 + 3t

Fill in the blank: The market equilibrium price of a product is an agreement between ________ and producer.

Rewrite the following in an equation format:

Qs = 400 + 2p

Qd = 200 + 3p

• Qs = Qd

• 400 - 2p = 200 + 3p

• 400 + 2p = 200 - 3p

• 400 + 2p = 200 + 3p

A company sells 300 candles for $2 each every month but wants to begin selling 200 candles for $5 each every month. With this new information, calculate the new supply and demand quantity price.